Jadestone Energy Takes Flight with Vietnam’s Gas Future

Singapore-based Jadestone Energy, an AIM-listed oil and gas powerhouse, is turbocharging its presence in Southeast Asia with a bold move: submitting a Field Development Plan (FDP) for its Nam Du/U Minh (NDUM) gas discoveries off Vietnam’s coast. This isn’t just another corporate milestone—it’s a high-stakes play to unlock a treasure trove of hydrocarbons while aligning with Vietnam’s energy ambitions. Think of it as a phased, tech-driven blueprint for energy independence, blending cutting-edge infrastructure with sustainable growth.

The NDUM project is no ordinary gas play. Jadestone envisions a sleek, phased development strategy featuring unmanned wellhead platforms at both Nam Du and U Minh fields. These platforms will be tethered to a floating production, storage, and offloading (FPSO) vessel, with processed gas funneled through a 34-kilometer pipeline to Vietnam’s Ca Mau industrial complex. It’s a masterclass in modern energy logistics, designed to deliver affordable, lower-emission gas while boosting Vietnam’s industrial backbone.

Phased Development: A Win-Win for Jadestone and Vietnam

Adel Chaouch, Jadestone’s Executive Chairman, calls the FDP submission a “major milestone” in the company’s quest to dominate the Asia-Pacific upstream sector. “Our Vietnam gas assets are the cornerstone of our investment strategy,” he says. “Developing these resources will drive organic growth, create shareholder value, and unlock further potential across our license portfolio.”

The first phase of the plan focuses on bringing the Nam Du field online, accelerating gas delivery to Vietnam and generating revenue to fund the second phase: U Minh production. The FDP outlines drilling two wells per platform, targeting a plateau rate of 80 million standard cubic feet per day (MMscf/d). Once Petrovietnam gives its nod, the Ministry of Industry and Trade will take the reins for final approval.

But Jadestone isn’t stopping there. The company is finalizing a gas sales agreement, building on heads of terms agreed upon earlier this year. With independently assessed 2C resources of 171.3 billion standard cubic feet (Bscf) of gas and 1.6 million barrels of liquids, the Nam Du and U Minh fields are poised to become a regional energy powerhouse.

Tech Meets Strategy: The Road Ahead

Jadestone’s next steps are a masterclass in strategic execution. The company is advancing a financing plan that could include development partners, while simultaneously launching major contract tenders for engineering, procurement, construction, and installation (EPCI) and the FPSO vessel. These contracts will be finalized before the project reaches its Final Investment Decision (FID), ensuring a seamless transition from planning to execution.

Located in shallow waters (50-60 meters) off Vietnam’s southwest coast, the Nam Du and U Minh fields are part of Block 46/07 and Block 51 PSCs, respectively. Jadestone operates both with 100% working interest, underscoring its commitment to driving the project forward. Meanwhile, Vietnam’s appetite for American gas is growing, with PV Gas inking deals with Excelerate Energy and ConocoPhillips to source liquefied natural gas (LNG) from the U.S.

Beyond Vietnam, Jadestone is flexing its global muscles. The company recently secured a one-well drilling contract with Valaris offshore Australia, set to kick off this month. It’s a clear signal that Jadestone is doubling down on its mission to become the Asia-Pacific’s leading upstream independent.